Indian society mostly works on conventional gender roles, where women are seen as nurturers and men as breadwinners. When it comes to finance and investments, you will most companies targeting men for their financial products. But times are changing now. Gone are the days when men were expected to be the financial head of the family. Today, an increasing number of women are gaining economic independence and turning financially savvy. If you’re looking to start your financial journey,
Here are four investment tips that will help you take money matters in your own hands.
1. Educate yourself about finance
To start your financial journey, you will need to have some working knowledge of finance. Make it a habit to spend some time reading basic financial concepts. In fact, there are various finance workshops, courses, apps, and communitiesavailable online and offline that can aid you. You can either go for free ones and then move to paid programs for an advanced understanding.
2. Set goals and plan
Before you start investing in products, set your short and long-term financial goals. What do you need money for in the near future – education, travel, wedding, retirement, etc. Once you know your goals, you can establish an investment plan to achieve them.
3. Start with low-risk investments
While investments in the stock market are quite popular, they run a higher risk due to market volatility. This is why it is a much better option to start with low-risk investment options such as fixed deposits (FD), mutual funds, and gold. These accounts can very easily be opened online and also work great as tax-saving tools. If you are unable to work through the process of selecting the right instruments yourself, seek the help of a financial advisor. Once you’re familiar with the landscape, you can then move on to higher risk products like stocks.
4. Have insurance coverage
Insurance is an important investment as it offers returns in the future, financially securing you and those around you. One of the biggest mistakes that women make is ignoring separate coverage as they are usually covered under the joint insurance policies with their parents or husband. Rather than depending on your husband or parents for coverage, get insurance for yourself, whether it is health insurance or life insurance. This will ensure your financial security and will also offer you additional tax benefits if you are a working professional.
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